Plus: Tariff-proof yaupon tea, and an L.A. fire survivor’s insurance nightmare |
| The summer heat is hitting the food industry. Chaos abounds. Let’s get into it. On the heels of the news that Ferrero will acquire WK Kellogg for $3.1 billion, there’s talk of Kraft Heinz breaking up, a decade after its $45 billion merger. Crain’s Chicago Business called the deal “a rare flop” among the portfolio of billionaire investor Warren Buffett, who architected the merger with 3G Capital. CNBC is even reporting that the split rumors are prompting speculation that Buffett’s Berkshire Hathaway might sell its stake in the publicly traded business. Then there’s the latest tariff news, which has commodities and futures reeling—especially in coffee, thanks to the 50% tariff set for Brazilian products starting August 1. Reuters reports that traders are rushing to import as much coffee as they possibly can ahead of that date. Much more to discuss throughout today’s newsletter. And as the summer heat picks up, I am hoping you have strong air conditioning, refreshing beverages and a steady stream of ice! |
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| Since he became the sole leader of his family’s candy maker in 2015, executive chairman Giovanni Ferrero has expanded beyond well-known brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S. |
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| Yippee for Yaupon: I adored this Washington Post feature on yaupon tea—North America’s only native caffeinated plant—and how the tea could gain a new following amid tariffs on coffee and tea. I first tried yaupon tea at the trade show Expo West in 2024, and was intrigued to learn that the homegrown alternative, as brewed by Yaupon Brothers, was as delicious as it was. Sure, there was a vegetal quality to the tea, but it was refreshing and invigorating. And the antioxidants and phytonutrients from it, since yaupon is a wild-cultivated plant, made a strong argument for adoption. As the Post reports, “Known by many Indigenous and colonized names, including cassina, asi, Carolina tea and Christmas berry, the yaupon plant is a landrace, evergreen holly variety that can grow up to 30 feet tall, appearing from North Carolina to East Texas. But even as it grows right under their noses and in their backyards, most Americans have probably never heard about yaupon.” With tea facing the highest tariffs since the Tea Act of 1773, the history is worth a retelling. The Post report continues, “Two and a half centuries ago, yaupon became part of a political movement. The Townshend Revenue Acts, which taxed a variety of common imports in the 1770s and allowed the British Parliament to meddle with the free market, brought colonial unrest to a boiling point. In that era of political boycott, colonists turned to tea alternatives made with a variety of herbs, fruits and indigenous plants, including yaupon. These ‘liberty teas’ proved perfectly acceptable substitutes, until the American Revolution ended, the global tea trade returned and yaupon was suddenly out of style again.” |
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| Insurer Yikes: It was concerning to read CalMatters on the Altadena fire survivor who tried to cash a nearly $900,000 check from California’s largest private insurer State Farm, only to find out that State Farm’s account had insufficient funds. According to CalMatters, “Earlier this year, State Farm said claims from the L.A.-area fires would worsen its financial condition and potentially drive it out of California, where it has either canceled or refused to renew tens of thousands of policies. In May, State Farm received an unprecedented approval from the state to raise its rates on an emergency interim basis. Among the company’s arguments during a public hearing was that its credit rating had been downgraded, and that its solvency and therefore the policies of more than 1 million California homeowners were at real risk.” |
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| ICE Watch: The 57-year-old cannabis farmworker Jaime Alanis Garcia died Saturday from critical injuries sustained in an Immigration and Customs Enforcement raid days prior. NBC News reports that Garcia broke his neck and skull after falling roughly 30 feet while attempting to hide on the roof of a greenhouse at Glass House Farms in Southern California. It is the first known death in a Trump Administration ICE raid. And on Tuesday, ICE declared millions of immigrants are no longer eligible for bond hearings and will be held in custody until the end of legal proceedings, which can take years. |
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| I was interviewed by the BBC about the life of mozzarella cheese billionaire James Leprino, who commercialized pizza cheese as we know it today and died at age 87 on June 19. I’m the only journalist who ever got him to sit for an interview, and the three hours I spent with him in 2016 were illuminating. His company Leprino Foods, America’s largest mozzarella supplier, turns 75 this year. Give the radio segment a listen! |
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 | | CHLOE SORVINO |
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| In honor of my third wedding anniversary today, my husband Nick seared up a beautiful Missouri-raised wagyu steak from veteran-owned KC Cattle Co. and topped it with a chimichurri featuring peppers and parsley from our terrace garden. |
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| Thanks for reading the 151st edition of Forbes Fresh Take! Hit reply to let me know what you think. |
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